Student loan exit counseling is an online course offered by the US Department of Education through StudentLoans.gov that walks students through the federal loan(s) they signed up for to pay for their education. The purpose of loan counseling is to prepare student borrowers for repayment.
In this way, do I need to complete exit counseling when going to grad school?
Exit counseling is required for all federal student loan borrowers. Borrowers who received a subsidized, unsubsidized or PLUS loan under the direct loan program must complete exit counseling when they drop below half-time enrollment, leave school or graduate.
Beside above, do you have to do exit counseling if I transferring?
Exit counseling is a federal requirement for all students with loans whose enrollment is less than half time or who are exiting an institution or transferring to another institution. These students must complete exit counseling online at www.studentloans.gov.
Do you have to do loan counseling every year?
Entrance Counseling : No, the entrance counseling is good forever once it is completed, unless you are transferring from another institution in which case SAU would not have a record of the EC.
Some of the best strategies to pay off your student loans faster include:
- Make additional payments.
- Establish a college repayment fund.
- Start early with a part-time job in college.
- Stick to a budget.
- Consider refinancing.
- Apply for loan forgiveness.
- Lower your interest rate through discounts.
Exit counseling is required by federal law. What happens if you don’t complete it depends on your school. Typically, the Bursar’s office will put your transcripts and diploma on hold until you finish exit counseling. Generally, you’ll still be able to graduate.
And if your income changes, speak with your loan servicer about your options. After you finish filling out your information, you’re all finished with student loan exit counseling. Once your loan servicer approves your repayment plan, you’ll be ready to enter repayment on the first due date.
An exit interview is a loan counseling session in which you are advised of your loan repayment schedule, obligations, and rights to deferment and/or cancellation. Your school is required by the federal government to conduct this exit interview whenever you are no longer enrolled as at least a half time student.
Exit Counseling provides important information to prepare you for repaying your federal student loan(s). At the end, you’ll need to provide the name, address, email address, and telephone number for your closest living relative, two references who live in the U.S., and your current or expected employer, if known.
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
You can complete entrance counseling for Direct Subsidized, Unsubsidized and Graduate PLUS Loans at the studentloans.gov website.